The Commonwealth Bank has recently announced the release of “Leo”, a new innovative way to process credit card payments from your customers. It is a compact, smart-case device that turns your iPhone or iPod into a mobile and secure merchant terminal, so you can accept business payments anywhere. It is designed for retail, hospitality, trades and transport industries.

Sound interesting? Here is what you need to know:

How it works:

Leo is a case for your iPod/iPhone that is custom built to accept all types of transactions including swipe, EMV chip insert, contactless and PIN. You get the case when you sign up to a Merchant Facility plan with the Commonwealth Bank.

This video explains more.

Key features:

Your customers can pay you by swipe, chip, PIN or contactless (e.g. paywave).

You can download a built-in barcode reader to scan items, coupons, barcodes and QR codes.

You can email your customers a receipt at the click of a button.

Customers can tip you, and you can split bills if you work in the hospitality industry.

The case comes with a long life battery so it doesn’t drain your phone’s power supply.

Security:

Leo allows for EMV chip payments and it has a fully functional PIN pad. This saves you from manually entering card numbers into your phone and means your customer's details are better protected while the transaction is processed. Leo is also MFI certified, which means it is 100% compliant with Apple’s exacting performance and development standards.

Phone compatibility:

Leo only supports iPhone 4, iPhone 4s and iPod Touch. It is not yet available on iPhone 5 or on Android or Windows phones.

Alternative options:

Leo is only available to businesses with a Commonwealth Bank merchant facility. If you bank elsewhere then consider these alternatives:

iCCPay – This is a basic app for accepting credit cards but you need to enter the card details manually (no swipe, insert, tap functions). iCCPay is suitable for workplaces where credit card processing volumes are not high.

Paymate OnTheGo – This technology is awaiting an upgrade to the latest security to meet industry regulations but you can register now and wait for more information when it becomes available.

What next?

If you are interested in learning more about Leo then visit the Leo website here.